BLAUWHUIS: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
BLAUWHUIS
Largest movements
- Tangible fixed assets +€1.1m
up €1.1m (+33.7%), from €3.4m to €4.5m
of which Land and buildings: +€1.1m
- Cash +€589,609
up €589,609 (+2,381%), from €24,762 to €614,370
mainly Other debts (+€736,309) and Net result for the year (+€412,765)
- Financial fixed assets -€401,263
down €401,263 (-49.3%), from €814,138 to €412,875
- Receivables within one year -€139,553
down €139,553 (-38.8%), from €359,747 to €220,194
of which Other amounts receivable: -€174,592
- Other debts +€736,309
up €736,309 (+53.5%), from €1.4m to €2.1m
- Reserves +€412,765
up €412,765 (+59.8%), from €690,485 to €1.1m
of which Tax-exempt reserves: +€341,284
- Provisions +€64,908
up €64,908 (+22.5%), from €288,978 to €353,886
of which Deferred taxes: +€64,908
- Gross operating margin +€538,643
up €538,643 (+147%), from €366,895 to €905,538
- Depreciation +€29,073
up €29,073 (+9.4%), from €310,296 to €339,368
- Taxes -€11,295
down €11,295 (-28.3%), from €39,910 to €28,615
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,133,581 | €6,260,442 | +€1.1m | +22.0% |
| Fixed assets | 21/28 | €4,178,971 | €4,908,871 | +€729,899 | +17.5% |
| Intangible fixed assets | 21 | €4,389 | €4,114 | -€274 | -6.3% |
| Tangible fixed assets | 22/27 | €3,360,445 | €4,491,882 | +€1.1m | +33.7% |
| Land and buildings | 22 | €3,317,197 | €4,411,335 | +€1.1m | +33.0% |
| Plant, machinery and equipment | 23 | €2,516 | €6,181 | +€3,665 | +146% |
| Furniture and vehicles | 24 | €40,732 | €74,365 | +€33,633 | +82.6% |
| Financial fixed assets | 28 | €814,138 | €412,875 | -€401,263 | -49.3% |
| Current assets | 29/58 | €954,610 | €1,351,572 | +€396,962 | +41.6% |
| Stocks and contracts in progress | 3 | €562,878 | €512,276 | -€50,602 | -9.0% |
| Stocks | 30/36 | €562,878 | €512,276 | -€50,602 | -9.0% |
| Amounts receivable within one year | 40/41 | €359,747 | €220,194 | -€139,553 | -38.8% |
| Trade receivables | 40 | €167,647 | €202,686 | +€35,039 | +20.9% |
| Other amounts receivable | 41 | €192,100 | €17,508 | -€174,592 | -90.9% |
| Cash at bank and in hand | 54/58 | €24,762 | €614,370 | +€589,609 | +2,381% |
| Deferred charges and accrued income | 490/1 | €7,224 | €4,732 | -€2,492 | -34.5% |
| Total equity and liabilities | 10/49 | €5,133,581 | €6,260,442 | +€1.1m | +22.0% |
| Equity | 10/15 | €1,966,011 | €2,378,776 | +€412,765 | +21.0% |
| Contributions | 10/11 | €1,275,525 | €1,275,525 | = | 0.0% |
| Reserves | 13 | €690,485 | €1,103,250 | +€412,765 | +59.8% |
| Tax-exempt reserves | 132 | €583,020 | €924,304 | +€341,284 | +58.5% |
| Distributable reserves | 133 | €107,465 | €178,947 | +€71,481 | +66.5% |
| Provisions and deferred taxes | 16 | €288,978 | €353,886 | +€64,908 | +22.5% |
| Provisions for liabilities and charges | 160/5 | €45,785 | €45,785 | = | 0.0% |
| Pensions and similar obligations | 160 | €45,785 | €45,785 | = | 0.0% |
| Deferred taxes | 168 | €243,193 | €308,101 | +€64,908 | +26.7% |
| Amounts payable | 17/49 | €2,878,592 | €3,527,780 | +€649,188 | +22.6% |
| Amounts payable after more than one year | 17 | €1,277,030 | €1,250,768 | -€26,262 | -2.1% |
| Financial debts | 170/4 | €1,277,030 | €1,250,768 | -€26,262 | -2.1% |
| Amounts payable within one year | 42/48 | €1,547,455 | €2,236,378 | +€688,923 | +44.5% |
| Current portion of amounts payable after more than one year | 42 | €26,262 | €26,262 | = | 0.0% |
| Trade debts | 44 | €127,134 | €86,246 | -€40,888 | -32.2% |
| Suppliers | 440/4 | €127,134 | €86,246 | -€40,888 | -32.2% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €18,401 | €11,904 | -€6,497 | -35.3% |
| Taxes | 450/3 | €18,401 | €11,904 | -€6,497 | -35.3% |
| Other amounts payable | 47/48 | €1,375,658 | €2,111,966 | +€736,309 | +53.5% |
| Accrued charges and deferred income | 492/3 | €54,107 | €40,634 | -€13,473 | -24.9% |
| Non-recurring operating income | 76A | €2,217 | €826,380 | +€824,163 | +37,175% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €310,296 | €339,368 | +€29,073 | +9.4% |
| Other operating charges | 640/8 | €19,648 | €19,064 | -€584 | -3.0% |
| Non-recurring operating charges | 66A | €7,844 | €0 | -€7,844 | -100% |
| Gross operating margin | 9900 | €366,895 | €905,538 | +€538,643 | +147% |
| Operating profit (loss) | 9901 | €29,107 | €547,105 | +€517,999 | +1,780% |
| Financial income | 75/76B | €6,230 | €10,158 | +€3,929 | +63.1% |
| Recurring financial income | 75 | €6,230 | €10,158 | +€3,929 | +63.1% |
| Financial charges | 65/66B | €56,642 | €50,976 | -€5,666 | -10.0% |
| Recurring financial charges | 65 | €56,642 | €50,976 | -€5,666 | -10.0% |
| Profit (loss) for the period before taxes | 9903 | -€21,305 | €506,288 | +€527,593 | |
| Transfer from deferred taxes | 780 | €40,992 | €141,687 | +€100,695 | +246% |
| Transfer to deferred taxes | 680 | €0 | €206,595 | +€206,595 | |
| Income taxes | 67/77 | €39,910 | €28,615 | -€11,295 | -28.3% |
| Profit (loss) for the period | 9904 | -€20,224 | €412,765 | +€432,989 | |
| Transfer from tax-exempt reserves | 789 | €102,497 | €278,501 | +€176,004 | +172% |
| Transfer to tax-exempt reserves | 689 | €0 | €619,785 | +€619,785 | |
| Profit (loss) for the period to be appropriated | 9905 | €82,273 | €71,481 | -€10,792 | -13.1% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.